Apple today introduced iLife '09, which features major upgrades to iPhoto, iMovie and GarageBand, and includes iDVD and an updated version of iWeb. iPhoto '09 builds on the ability to automatically organize photos into Events by adding Faces and Places as breakthrough new ways to easily organize and manage your photos. iMovie '09 expands on the revolutionary super fast movie creation introduced in iMovie '08 by adding the depth users want through powerful easy-to-use new features such as the incredible new Precision Editor, video stabilization, advanced drag and drop, and animated travel maps. GarageBand '09 introduces a whole new way to help you learn to play piano and guitar with 18 basic lessons and optional lessons from top artists such as Sara Bareilles, John Fogerty, Norah Jones and Sting.

Hmm, to me, iLife08 seems like a much bigger upgrade than 09 does.
I was feeling disappointed with iPhoto09, at least. Seems like only big travelers would care about geo info on photos. I bet 90% of photos are shot in 2 or 3 places in the same city. Maybe I don't understand the feature. Face recognition seems useful for some but most of my photos are not just family photos.
I backgraded to iMovie06 which offers more than iMovie08. iMovie09 may be the best upgrade though.

seems like iLife09 shoulda been a free update to 08 not a paid new version.